GOODWILL AND OTHER INTANGIBLES

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill represents the excess of the purchase price over the identifiable net assets of businesses acquired through business combinations accounted for under the acquisition method. Other intangibles, net represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. We have one intangible asset which is being amortized on a straight-line basis over twenty years.

Goodwill is reviewed for impairment annually as of October 31 and between annual tests when events and circumstances indicate that impairment may have occurred. There was no goodwill impairment for the three and nine months ended September 30, 2022 and 2021.

Other intangibles, net includes assets subject to amortization that are reviewed for impairment under FASB ASC 360, Property, Plant and Equipment. There was no impairment for Other intangibles, net for the three and nine months ended September 30, 2022 and 2021.

The components of Other intangibles, net as of September 30, 2022 and December 31, 2021 were as follows:


(amounts in thousands)	Expected Useful Life	September 30, 2022		December 31, 2021
Customer relationships – universities	20 years	$	6,402	$	6,402
Accumulated amortization		(1,893)		(1,653)
Total		$	4,509	$	4,749

Amortization is recorded in Other expense on the unaudited Consolidated Statements of Income (Loss). BMTX recorded amortization expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2022, respectively. BMTX recorded amortization expense of $0.1 million and $0.2 million for the three and nine months ended September 30, 2021, respectively.

The customer relationships - universities will be amortized in future periods as follows:


Remainder of 2022	$	80
2023	320
2024	320
2025	320
2026	320
After 2026	3,149
Total	$	4,509